Republic of Belarus: First Review Under the Stand-By Arrangement, and Request for a Waiver of Performance Criterion, Augmentation of Access, and Modification of Performance Criteria: Staff Report; Staff Supplement; Staff Statement; Press Release on the Executive Board
August 19, 2009
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This paper discusses key findings of the First Review under the Stand-By Arrangement for the Republic of Belarus. All end-March 2009 quantitative and continuous performance criteria and structural benchmarks were met, except for the net international reserves target, which was missed by US$221 million. A sharp fall in demand for Belarus’s exports and a worsening of the capital account has led to the re-emergence of a substantial financing gap for 2009. The authorities have committed to adjust exchange rate and monetary policies, and to maintain a balanced budget despite lower revenue.
Subject: Banking, Credit, Debt service, Exchange rates, External debt, Foreign exchange, Money
Keywords: Belarus, CR, Credit, Debt service, disbursement of SDR, end-June floor, end-June performance criteria, Exchange rates, Global, IMF financial support, IMF staff estimate, increases interest rates, ISCR, liquidity support, peak fund credit, support
Pages:
68
Volume:
2009
DOI:
Issue:
260
Series:
Country Report No. 2009/260
Stock No:
1BLREA2009003
ISBN:
9781451805314
ISSN:
1934-7685
Notes
Full text also available in Russian.
